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speeches, fund-raisers, they're all over. now comes down to u.s. voters. more than 120 million are expected to show up at the polls. >> and european investors are holding off on big moves. equities just edging higher led by technology stocks. >> and adecco sees hiring picking up in america. >>> we're finally here, election day in the united states. before that, we have the latest pmis out of the eurozone. economy declined steepening going into the fourth quarter. the final services pmi lower than the flash. it was 46.2 was the flash. lowest since july 2009. that means the composite final pmi 45.7. the flash 45.8. french services pmi weakened, also. 46.2. so both those major parts of the eurozone economy -- >> and remember, this is a leading indicator. if you see europe doing any better next year, you have to start seeing at least this indicator bottoming. >> dollar just dipped down to its lowest point of the session on the back of that. and of course we've got in spain they're talking about the groth being much weaker than the government's forecast. >> even though their service might have b
the handover of power in china will impact relations in the u.s. >> we're in london to talk about shipping trends. >>> plus what will obama do about the looming fiscal cliff? we'll have plenty of analysis from commentators. >> and we'll hear first from the cfo of aliance. but first day two data suggested growth is picking up and inflation is moderating meaning beijing may have more scope to ease if necessary. ppi industrial output and retail sales all came in better than forecast. eunice joins us from beijing. i'd hate to suggest this is quite good timing for this data. very convenient. >> what are you suggesting? a lot of people are saying that the numbers are showing the economy is bottoming out and a lot of people do use the numbers as a guideline at least. they're saying the investment figures were encouraging. looking relatively strong. the government hasn't put up of much money in the infrastructure projects, so that's part of the equation here. other part is retail and consumption side actually look pretty good. numbers came in at 14.5% growth and that beat expectations. a lot of th
, so whether the u.s. down there or italy and spain here in the periphery, 4.7%, 6%, remarkable there, level for spain even today as the country's banks are being more fully examined in light of the national examination plans. the dollar/yen pulling back about half a percent to 8167. let's get to deirdre bolton from singapore. hi, deirdre. >> hi, kelly, how are you? and it's morris, by the way. but i'm flattered that you call me bolton. in china and hong kong, it was all about, what else, the fiscal cliff. those comments from the senate majority leader harry reid overnight really sparked some jitters in this session today, so we have red across the board. the shanghai composite, it is well and truly below that 2011 level, shedding another .9 of a percent. the hang seng was feeling some of that pressure from chinese stocks and shedding .6 of a percent. it was the mainland banks that were the culprit. they didn't fare as badly if the mainland. some capital requirement rules are going to be implemented that are raising concerns about loans and the ability of these major banks to give out
>>> welcome to worldwide exchange. here are your headlines. the final set of numbers on the u.s. jobs market before the election are out in just a few hours forecasts calling for another month of modest but not stellar payroll growth. >> dow, nasdaq post strongest session since mid september. >> the rising cost of sandy, one major risk modeling firm now says the economic losses from the storm could reach $50 billion. >> and china steps insecurity ahead of next week's com you uhe nis party congress. even model airplanes have been grounded. if you're just joining us, very good morning to you. this is where we stand. we are at the moment dow 24 points below fair value. let's show you where we is an with you're feuropean stocks. cac down half a percent, ftse 100 down 0.2%. let's show you some individual stocks in focus. losses on friday hurt by a sector wide slump. equipment maker cutting back spending down as you can see merely 7%. rbs coming out with results this morning. this is the uk bank with a government owned majority and part nationalized lending reporting an increase in th
here. the u.s. allegatielections and redskins lost. >> we will mention the redskins indicator, but it's true whether the u.s., china, greece, eurozone itself would make for a big week, but combine them all together, in fact it's no wonder that markets are a little unnerved. >> coming up today, plenty to get through. we're at singapore where hundyui shares are down. >> and here in london, uk pmi data will be out. the question whether it will follow an upward trend. >> and china preparing for the once in a decade political handover. we'll take a lower look at the new leadership. >> when the redskins win or lose, it has predicted the top winner since 1980. there has been a notable expossession of 1984. >> although gore did win the popular vote but not the electoral college. >> in 2000. >> that's right. >> the all-important football -- i should say american football indicator here. it points towards a romney victory. >> besides all that, plenty corporate news. hsbcs has set aside an additional $800 million in the third quarter to deal with the u.s. anti-money laundering probe. that brings
, that trade officials see challenges ahead. most recently, over solar panels. the u.s. has approved steep trade tariffs, a move officials here say could backfire and cost american companies this market. >> translator: someone asked me are you in a trading war with the united states? i said no. i hope we can sit down and discuss and try our best not to get involved in trade war. but i must say when others tackle businesses, i have to protect our businesses. >> policymakers also attempted to ease concerns about a brewing debt crisis here. >> translator: the bad loans have been on the rise this year, mostly due to the difficulties in management of some industries. but the overall bank as a quality stable and the risk is under control. ratio almost the same as that at the beginning of the year, far lower of the world's major banks. >> regulators and bank executives said that chinese banks have spread the loans across several different sectors including steel and solar panels help to go mitigate the risk, however there is still widespread concerns that overcapacity in several of those industri
in the u.s. we'll head out to new york city later in the show for a preview of what to expect on wall street today. and more than 2,000 hand picked chinese delegates gathered at the great hall of the people to kick off the communist party week long transition. beijing will only officially reveal the next generation leaders thursday. hu jintao promised political and economic reform, but he stressed china won't abandon one party rule and will stick to the socialist path. eunice is live for us. this is his big final speech, so reading in sort of between the lines almost is very telling. it's the legacy he's trying to cath. and what less gassy is that? >> many here believe what he is saying is significant in that it is his final farewell. he really was just reading through the work report to talks about the achievements, the economic and political achievements that the party has had. and also to outline the future challenges. one of the first challenges you had already addressed is the issue of corruption. he said the government needed to do more to root it out. >> eunice, we're having tr
's shift to democracy in a first ever trip by a serving u.s. president to the country. but he cautions that his trip should not be seen as an endorsement of the country's sgoechlt. and oil futures hitting a two week high as international pressure mounts for a cease-fire in gaza. u.n. secretary general ban ki-moon is heading to cairo for emergency negotiations. good morning, welcome to the program packed full of fantastic guests to give you you updates and analysis on where we are in trade. if europe, higher by 0.8%. coming off the 3 1/2 month low that we saw in the close on friday, helped along by optimism on the negotiations to avoid a fiscal cliff state side. we saw quite a rally in the u.s. on friday's close and that is feeding through to europe here this morning. ftse 100 higher by 09%, xetra dax by more than 1% and ibex 35 more than half a percentage point. the bond markets, the question is whether or not we'll see a lid on on bond prices on treasuries especially if we manage to overt a fiscal cliff scenario, if we see productive talks continuing. right now we're seeing the yield
soared on cyber monday. and all bets are off. prediction market entrade says it can no longer accept u.s. customers as market regulators say its trades aren't legal. shanghai composite closed below 2,000 for the first time in three years. it comes at a time when plenty have been talking up chinese growth prospects for next year. so we'll get into that more later. but 1991 is the closing level. this the main one to watch across asia. the nikkei did manage to continue it rally adding about 0.4% as the yen weakens on comments this morning. forex, the dollar-yen one to watch, 82.19 is the level there. the aussie dollar doing a little bit abouter despite that weak number on the shanghai composite. sterling is flat. we'll get into that more later. and euro-dollar just barely higher today, we did see it rallying over the 1.30 mark last night. as we look at crude rallying adding a third of a percent. brent about a quarter of a percent. copper, we're adding 0.2%. 354 bucks on that contract. the real foe you can as we continue to examine whether china's economy is fundamentally hanging in there, c
in the u.s. yesterday. take a look at the bond wall here of course we have an italian auction coming up later and italy's ten year, below 4.5% this morning. so price rising. that yield falling. spain also benefiting. that yield down to 5.2%. bunds creeping back up to 1.4% level. let's key in on currency. the aussie dollar despite the broader risk-on attitude a weaker. dollar-yen moving higher 82.13. and the nikkei is adding to its string of gains throughout the month. euro-dollar rebounding off yesterday's trading session to add 0.1%. let's check in on how the asia trading session went overnight and for more, deidre wong morris joins us from singapore. >> well, it was a very good session over here, as well. headline driven. but a good session on the back of that optimism for fiscal cliff talk. all except this glaring spot of red. shanghai composite finishing lower for yet another session. it keeps falling further and further. doesn't seem that there is anything that policymakers or investors can do to lift sentiment in this market. different story in the hang seng, rebounding up about 1
after good gains yesterday. following strong moves in the u.s., as well. cac 40 down half a percent. weighed town by the moody's downgrade, although expected. and ibex done around 0.4%. french debt market, yields are up to 2.1%. treasuries slightly higher, but still below 6%. ten year bund yields slightly lower. so france is trading with the peripheral in that sense. euro-dollar, 1.2794 is where we stand, dipping slightly on on the back of the french downgrade. dollar-yen 81.26, but the yen has been down at acceseven mont lows. aussie dollar slightly weaker against the u.s. dollar. rba minutes suggesting that their policymakers consider further monetary easing may be appropriate. still to come, we'll be in athens and brussels. euro group reportedly close to signing off on the next tranche aid. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. get on e-trade. set up a real plan. frank!
on december 7th. they priced the range at the moment of their indicative range. it will be a 3.1 u.s. billion dollar ipo and that would be hong kong's largest in about two years. looking at some of the other markets, the kospi finished with somes losses down 0.1%. asx finishing up 0.6%. let's get over to the november performances because it was a pretty good showing for the month. nikkei of course the outperformer. kelly mentioned the yen. it has been weakening against the u.s. dollar and that has been providing a lot of support. also directly related to politics in japan. this has been in focus over the last month or so. opposition leader expected to be the next prime minister when the country votes. so he has been talking about a lot of aggressive monetary easing and talking about an inflation target of about 2%. so stocks have really been on a roll. the kospi finishing up with just about 1.1% gain in november. we have the asx finishing just slightly lower about a quarter of a percent. and the hang seng continues to win finishing i believe a third month of gains up 1.8% in the month of nove
.1 million barrels a day. impact of hurricane sandy in the u.s., reduced, as well. crude oil supply dipped to a nine month low. so the demand being cut, patrick armstrong is where us, managing partner at investment managers. but that's clearly because of global weakness -- well, economic weakness in europe and hurricane impact. >> definitely. year over year, oil demand is up. we've had very weak economy in europe. not much growth in the united states. but i think that's the trend we'll be playing out for the next few years. >> oil 110 at the moment. is that a fair price? >> there's premium built in because of geopolitical risks. i think premium is probably justifiable. you look at wti at $23 discount to where breptd is. that's not sustainable in the long time, but given inventory levels, that will stay. >> do you keep your trade on oil? >> we have neutral position, but we're short the front month. respe respect. we make money by rolling the contracts the other way around. we're long oil in the 12 months forward rolling in to the 13th month and we end up with little more oil with that strat
advisers austan goolsbee on how the u.s. can avoid falling off the fiscal cliff. plus we'll take you live to tokyo with japan hit by election fever. the yen is falling as a repeated call for bold monetary easing. and we'll be live in new york 5:45 a.m. for a look at the u.s. retail sector. walmart and target getting set to release third quarter numbers. >>> chig that's ruling com uhe nus party has lifted the curtain. the unveiling seals so s xi jins rise. hu has seeded oig all powers and that's gives china's next leader a strong mandate. eunice has more for us this morning. it sounds like a pretty signature consolidation of power under xi. >> definitely is a consolidation of power. he'll get a very strong mandate as you had mentioned to run this country the way that he wants. he gets the three top titles, the most powerful are party chief, president as well as military commander. that is very significant because it allows him to have more control over his own agenda. when he went to meet the press this morning, he was looking very casual, looking a about folksy. when he was youtd lining t
the stage for a possible comeback. >>> and president obama meets with top u.s. lawmakers to begin budget talks as the fiscal cliff looms. both sides are digging in their heels on on tax hikes and spending hikes. against all of the political changes we're seeing today, first i want to show you the market action. stoxx 600 is sitting roughly flat, but we've seen interesting trading session where the nikkei really surging to the up side again today. more on that in a bit. take a look at what's happening across europe because after a couple of uglier days in the market, we're seeing something of a comeback now led by technology, retail stocks are also in the green, food and beverages, autos among the sectors dragging on the in-dek. we can take a closer look at the bourses. ibex is down. ftse 100 sam thing, so we'll keep an eye on all these levels as the show progresses this morning. the bond space is where we've been focusing our attention with spain and greece on. spain today seeing prices rise, yields coming down to 5.78%. italy seeing a bit of a rally, too. selloff for britain and bund oi
the central bank says it has to do more to show it's serious about stimulating growth. and in the u.s., consumers filled up their shopping carts. early estimates show sales up 13% over the lost holiday weekend. >>> welcome to the start of a fresh trading week. kelly will be back tomorrow. catalonia voters have handed the majority to the separatists, but not necessarily the ones you thought. we'll assess the impact. and investors worry among protests over the egyptian president's attempt to increase his power base. and how much would it cost you to buy all items in the song 12 days of christmas? pnc wealth management will tell us why it's a lot more than you might think. plus shoppers hitting the net today, the year's biggest day for online purchases. we'll asset how much cash shoppers have left over after black friday's billion dollar be in an sa. bonanza. we have some confident data out of italy. november consumer confidence 84.8. that is a record low. we've had protests, as well. they're gathering in brussels to try to hammer out a deal on the greek deficit. prime minister says they
for you. right. >>> research in motion may be losing another big u.s. customer. the national transportation safety board may switch from blackberries to apple's iphone. they have failed at inopportune times and the iphone would better link to the ipad. last month, the immigration and customs bureau switched to the iphone. you can see that we do have that stock price up about 8%, though, in u.s. markets yet. >>> still to come, i talk retail spending, online trends and holiday shopping with phillip green. plus, a rather well-known famous pop singing shopper. >> quality and it's comfortable. there you go. >> what's better than that? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on groupping at fedex office. >>> after nearly 12 hours of talks, the ecb and imf officials failed in their request to agree conditions -- officials did agree to meet again ne
about the u.s. economy. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> hello. welcome to today's "worldwide exchange". >> 40 unions in 23 countries. that's the strikes that are planned across europe today. so if you thought there couldn't be any coordination, there is coordination. >> how are we going to be affected? >> you know, air travel, surprisingly, they have had to have a lot of cancelling due to strikes. >> we're fully at our jobs. there's two hours of it today. let's remind you exactly what's coming up. we'll have updates from beijing throughout the program as the new generation takes the first step towards leadership. >> and we're in london. talk to the ceo of wpp, martin sorrel. >> we discuss japanese banks. >> and the latest on cisco from silicon valley as the network equipment maker warns of slowing growth this quarter and some falling demand in europe. >> more than 2,000 delegates have cast their votes for china's new central committee, marking the end of the week long communist party. the world will have to wait one more day
the changes could mean. >>> welcome back. take a look at the u.s. equity futures. dow and s&p coming off their worst week since july 4th. you can see they are indicated higher, but maybe not the bounce you might have expected. the dow up 23. >> squawk sports new, texans beating the bears 13-6. foster finished with 102 yards rush and touchdown catch and texans intercepted cutler twice before knocking him out with a concussion. >> no comment about the jets? >> they lost. >> andrew, here's the deal. >> did you see rex ryan -- >> the giants won the super bowl last year. a lot of people have told him he's fat and he should shut up. he's not fat anymore. she just shut up. but sanchez, you brush up against him and the ball goes flying out. >> they've been going back and forth. >> when the giants are the defending the super bowl champions and they got their butts kicked by the bengals and the other game unbelievable is johnny football. texas a and m and alabama, that was unbelievable. alabama number one. texas a and m just joined the sec. and this guy johnny football, you just can't believe the
a favorable external environment, meaning u.s. not going into this deep due to the fiscal cliff. and also signs of improvement in asia. >> meanwhile the french pmi says the survey there suggests a 0.7% gdp drop in quarter 4 for france. >> that seems quite large. we've seen in recent quarters numbers out of front which were higher than suggested by the pmis, however, they then revised down q2. so i'm looking for a contraction of 0.3 in france quarter on quarter in q4. >> what's going to change things, ricardo, what will turn things around? >> i think on the policy front, not much one can effect. fiscal policy will remain tight next year. the ecb doesn't have a huge margin to ease policy. i'm expecting that they will cut the refinancing rate. but i don't think it will go to negative rates for now. so they can only do perhaps 25 basis points on the main refinancing rate. the omt bond buying facility can only be activated if one of the countries apply. and it doesn't look like neither spain nor italy will apply anytime soon. and anyway the bond yields have declined quite a bit compared to jul
such a thing as a fiscal cliff like you have in the u.s. the old budget simply takes over up a new budget has been agreed on. so there is no financing disaster in the middle of it. the curious crux to this is if this old budget takes over because of the in-build qui sooif inflation factor in there, it's actually than the new budget they're debating right now, so all the countries pushing for the cut and even putting the threat on the veto on the table, they will actually chief the opposite. we'll keep on spending more even then with a sort of slide budget increase that the eu commission put on the table. and as to where the negotiations stand, i think at the moment the budget talks, pardon to be cynical, but political posturing on the various side than the actual effects in there. because if you look at the mound that the various countries put up into the budget, i think like 9 billion and that is already one of the biggest, we just save banks and sovereigns for hundreds of billions of bailout funds. so in terms of the actual money, this is absolute small cheese. >> absolutely is. silvia, for
timetable. if they don't see that it would be inconsistent with maintaining a aaa rating. the u.s. is on negative outlook. s&p already downgraded. >> i think that we all kind of remember what happened -- i think that the big worry on the left side would be i think listen, nothing happened. interest rates went down again. that's a scare tactic. i'll use a scare tactic. $600 billion in new taxes january 1. that's reality. >> unemployment going back to 9.1 if this happens. that's a number that gets your attention. the "times" does a nice piece about fix the debt group. groups of very large companies trying to weigh in on their own side with ads. i don't know if we have them right now. nike with a mock nike ad that says just fix it. mcdonald's saying i'm fixing it. >> home depot. we can fix it. >> that group raised a lot of money over the last year or so. $30 million, $40 million, more than you might have anticipated to mount this public campaign. >> dave is doing a lot of great things. ceo of honeywell. wants to put aside -- i don't know if he's a democrat or republican. i know he's
. u.s. equity futures should be interesting to look at temperature basically on hold. not sure what to do after yesterday. we'll talk more about the economy in a minute with david rosenburg. it was pretty clear yesterday that depending on how you wanted to spin it, could you say how do you do for another four years. i don't remember any euro news in the last six months no matter how bad it was, we didn't get it free handle. so there's more to it than just europe. >> it was the fiscal cliff, but also the financials got hit so hard. if it had been romney, the cliff would be less of a deal because they would stepped all of them. so now we know and we lettered it first hand yesterday. boehner said we're open to tax increase, but part of a bigger plan that involves spending cuts. dove did a bungee -- >> worst thing i ever did. >> but it goes down and then right back up. >> the worst part is you feel like you're connected on something, but don't. it's a free fall until the very he said and then he start to feel like i'm connected to something and it throws being back into the air. >> my q
economists and business leaders say could send the u.s. economy back into recession. here we have an interesting divide between wall street and washington. wall street seems to believe and you can take a look at the numbers on how the market has acted over the past year. wall street seems to believe that we'll avert this cliff. washington seems to be willing to drive over the cliff. >> i think there's -- i don't want to pick on the tea party per se. you can say if obama would suddenly give in on taxes. what i worry about is there are people who are ideological in the country and more focused on other issues than taxation and money. those people i think are very much out of sync with other people as we discovered last night from the election. they could care less about the fiscal cliff. i think some people want to go over the cliff. >> howard dean last night, sam on "squawk" a couple weeks ago saying maybe it's the best medicine for us is to drive over this thing, go into a recession, provide some bed for growth in the second half of the year. it's a gamble. >> $5 trillion in cuts.
territory. >> the head of mcdonald's u.s. business is out and jeff stratton will assume that business starting january 1. capped off last month with the first decline in monthly sales in about nine years. we'll begin with a teale of two retailers. walmart, revenues coming in short of forecast. -- as for target, the company posted third quarter earnings well above estimates, says it's poised for a strong fourth quarter, but walmart has some issues here, jim. they're talking countries including but not limited to brazil, china and some others too. >> yeah, i was thinking it bick, not brick. russia has been left out of the equation, foreign corrupt investigation, not a great number here at all. the stock had become a very big institutional favorite. if you recall during the mexican investigation, when "new york times" piece it, the stock was trading between 57 and 58. they were then overridden by a couple of really good, solid quarters. this was not the quarter that anyone was looking for. >> except for those who sold the stock over the last couple of weeks. i mean that stock has started
the course of the year. thankfully we've been very u.s.-centric in our investments over the course of 2011-2012. what we're preparing for now is looking again at the foreign markets in 2013. >> foreign markets meaning you want to be allocating money outside of the u.s. because of these issues in the u.s.? >> well, taking a look at some of the large global players here in the u.s. and outside, because as tax rates go up here in the united states, what we're about to see is probably the laugher curve in reverse. tax rates going up, revenues declining, creating a headwind for gdp. we're look at companies in the world for looking for global growth opportunity outside our borders. >> mark, let me get your standpoint on this. all year all we've been hearing about are dividend payers. why? because the yield -- there's no yield anywhere with rates where they are. everyone is searching for yield. they've found it in some companies that actually pay dividend, etf that pay dividend. there's a lot of those that have done so well. is this the time to avoid or sell those companies now or not? >> well, i
. blankfein writes "there is more than a trillion dollars of cash sitting on balance sheets of u.s. non-financial companies. certain will increase their capital expenditures currently at anemic levels, contributing to a virtuous cycle of jobs and growth." minimizing increases in marginal rates that could stifle risk taking and robust growth. he also stresses the importance of restoring confidence in public finance by implementing spending cuts and revenue increases. in the meantime, dallas fed president richard fisher tells cnbc that the central bank can't do much more to shelter the economy. >> we need to completely reboot tax policy and spending policy. if we have temporary fixes to the fiscal cliff, just push out the envelope of indecision until we have a sense of true direction, and it's time for our politicians to get their act together. >> fisher says he does not view the fed as a safety net. that is certainly a change of perception, one that congress is going to have to figure out pretty quickly along with the rest of washington. >> that it is. there's been a number of interviews
, this is fascinating. the fiscal cliff issue is a reason for many markets to move in the u.s. it's also big reason in europe and as it overlays several months going back to june with dow jones industrial average, you can see that our market was impacted more by the election but both charts are highly correlated and it's the fact that we are talking potential solutions to our fiscal cliff. melissa lee, back to you. >> thank you very much, rick santelli. just a note here, we're waiting for intel to begin trading again. a delayed open because of news that ceo will be retiring in may. we're awaiting that opening trade. 9:45 eastern time is our latest indication. meantime, will we see a massive correction even if there is a fiscal cliff deal? that's what david shulman is saying. find out why the senior economist is making such a bearish call. brewing job creation. what the folks at sam adams are doing to get food and beverage entrepreneurs a lift. stay tuned. [ male announcer ] introducing the new dell xps 12. part of a whole new line of tablets from dell. it's changing the conversation. ♪ well, havi
for chapter 11. different news to digest. sales in the u.s., ford, gm, doing well. japanese automaker selling to china not doing so well. foreign automaker selling into china doing well at bmw. >> i think the suzuki thing mirrors what's happening at ford. >> i had an eye on one of their models. >> which one? >> the one with the four wheels. >> i have a harley in my garage. >> i'm not kidding. >> which garage is it by the way? do you even know? >> one of them is flooded. are you happy with that? >> is there a side car at leas.? >> i have tattoos all of the way up you just don't see them. suzuki blinking, ford, blinking, gm starting to blink. there's anti-globalization going on that we have to notice. some people say that i can't hack it in these markets. toyota was good. bmw was downbeat in terms of future. it wouldn't be something if everyone recognized what alcoa recognized. maybe it's too hard to be global. maybe it's too hard. go, suzuki was broken by the yen. it's hard to do business when you have these currency wars going on. >> how about kimberly getting out of diapers in europe? there'
time in nearly a decade and the u.s. underperforming. any doubt now that rivals are stealing share? >> retailers like macy's finally quantifying the effect of hurricane sandy. walmart kicking off black friday earlier than ever. we start this morning with the markets looking to bounce back from yesterday's selloff and nearly 1313 drop in the dow. europe on wall street's radar after the ecb and bank of england kept key rates unchanged. draghi holding a press conference right now saying he sees economic rekafr ri remaining weak and reforms are crucial to boosting growth potential on top of greece passing an unpopular package of austerity measures on wednesday and necessary for greece to receive another round of international financial aid. china's ruling communist party congress con vealing today in a leadership change. so much to digest overseas, jim. what came out of the ecb is expected. came out of greece seems to be largely expected. but spain still resisting. a bailout. that's trouble. >> i know. every day the crucial -- that's the crucial link. you have to give them the good loa
at the ex-have a dax, up 5%. ftse up nearly 4% in the last week on top of pretty good gains for the u.s. markets as you know between 3% and 4%, as well. so no surprise perhaps today that we're a little bit weaker on the back of those gains. 8:2 just about decliners outpacing advancers. this is how it translates. ftse 100 down half a percent. xetra dax up a quarter. ibex down about half of 1%. a number of things going on in politics as ever. we had regional elections in spain. yields you can see slightly higher, but still well below 6%. now, these regional elections fairly important because we know catalonia has been pushing on on independence. now, it looks less likely we'll get that referendum, but not because people in catalonia are any less eager on a separatist movement. just that they didn't vote for the main guy who is proposing it. they voted for competitor party which is makes it slightly harder in the short term for them possibly to get a referendum going. so eases the pressure in the short term but means there is still a longer term problem there. catalonia is one of those reg
see things that are happening not only in the u.s. but on a global basis. it would lead me to believe that the market could be up 10% or more next year. i would -- >> what are you seeing when you say you are looking around the world that makes you believe we'll go higher? >> i see several things. i see emerging markets have slurmd in the second half of the year. i think those are improving, specifically in china. i see the eurozone committed to economic stimulus through their monetary system in the ecb. i think that's very positive for that market. and in the u.s. here, i see employment getting better. i see clarity on the fiscal cliff next year and i see the housing market getting better around better and i think that's a positive. >> rick santelli, it wasn't just stocks rallying today. here in the u.s., europe had its best week of the year this week. the euro is at a three-week high. gold was very strong today. what's the market telling us right now? >> i think the market's telling us that there's a lot of bargain hunting and a lot of optimism towards europe. that made sense. i thin
-mails the recipient a digital itunes code. gifts are currentsly just available to tens of millions of facebook's u.s. users, but will be able as gifts rolls out broadly. this bolsters facebook's retail business tapping into digital content and subscriptions which are the fastest online growing retail category. facebook won't comment on the business model but presumably facebook gets a cut and it does of course benefit when users were more engaged on the site. today facebook shares rallied on a pair of analyst upgrades. this partnership gives apple access to facebook's users securing its position as the leading music distributor as it faces new competition from the likes of microsoft's xbox music, google music and amazon's cloud player. now of course, if facebook can convince more customers to hand over their credit card information using that itunes as a lure, that's of course a good way to get them to spend more money on facebook gifts down the line. >> thank you so much, julia. >>> now the countdown is really on. no pressure. the workers are going back to the office. they're thinking they're going
cities but a warning we may head into a recession next year if the u.s. and europe don't solve their fiscal messes. right now the dow industrials a built of a breather down 21 points. >>> meanwhile, 34 days to the fiscal cliff. will a deal be done in time? today, president obama meets with small business leaders to make his case for the possibility of higher taxes ahead. our washington correspondent, john harwood, is here with the very latest. hi, john. >> reporter: hi, tyler. you know, everybody is staking out public positions and trying to drive public opinion their way. the president's been doing that all week. he is doing that with his meeting at 2:30 this afternoon with small business leaders from around the country. he is later going to travel to pennsylvania to make his case publicly, part of what he is saying is that if you adopt his plan on the extension of the bush tax cuts that is for the middle class and not for people at the top that almost every small business owner is going to get a tax cut as a result of that. and republicans are staking out their own position t
's going on in defense. also, regardless of the fiscal cliff there's cuts. the u.s. government is the world's biggest buyer of software associated with the running of any kind of government. that's another kind of corollary here. a big comment from a lot of people in the defense industry about that yesterday. i think they're the first company to come out and make realistic expectations of what will happen in the next couple of years. back to you. >> okay. thank you. dave cote is the head of the curve on all of this. let's shift to bonds and dollar. rick santelli at the cme group in chicago. rick? >> thank you, jim. everyone is excited about good housing numbers. everybody but the fixed income market. everybody but the equity market. i know there's an hp issue here. however, let's look at the charts. let's put up a two-day chart of tens. clearly you can see we're up about a basis point on the day. if you look on the right side of the chart and look around 8:30 eastern, you can't pick out that we had a good housing number. if you really switch this around a bit, you look at the shorter mature
cuts that threaten to send the u.s. almost off a fiscal cliff. a sum met set for friday. i like the "new york times." democrats like a romney idea. >> did you see paul ryan's comment? >> no. but i got my button back on because i'm -- i'm going to tell that you rise above is kind of like a rorschach thing. because for me, rise above means democrats rising above the obsession with rates and realizing broadening the bates is better -- >> it means coming together. >> that is a way of coming together. you're raising revenue. your only way is if the republicans say yes -- >> no, that is not true. my way is anyway you come up with an agreement is a great way. you're only looking from one side of the aisle. >> but they'll never agree to raising rates about sfw. >> i will give you that it is a error sha rorschach test, but i want you to actually cut some things and i want you to deal with expenditures. >> you have the same house that said no to 39.6 on the high he said. but a way of raising revenue will spur growth -- they're coming around to the correct version right here. >> what about
. >> but the question is what your long-term outlook is. if you're betting against u.s. growth, betting against -- or betting there will be a huge issues in the coming years on these -- on the deficit issue, you may want to keep it off the table. >>> there's a third area there. i don't talk to anybody, steve or our guest, who doesn't think the u.s. can easily ramp up growth. the real discussion i don't think is the true u.s. economy. i thinkist the moguling being throw in front of it, our self-inflected issues, you know, last time around we sequestration. are we going to have sequestration 2? of course we'll put a band-aid, but we need leverage to have reform predicated to surrender on the band-aid. >>> we've got to go, guys. i've got to go with this. we've got to move on. this is the last hour of trading, so we've got to move here. thank you for your thoughts today. steve, thank you, you're voting on a committee of politicians. i find hope in that somehow. >> yeah. you're in the hopeful camp. >> hoping at the last moment they will do the right thing. >> was that a pig that just flew by? the ma
. it is all about the u.s. this week. the tone for the most part has been negative this morning as you can judge from the red behind me. yes the uk pmi data came in weak, points to the country potentially in contraction territory despite the better gdp figures. some concern about greece. investors seem to be standing on the sidelines until a lot of these issues are resolved or at least there's more clarity. this follows reports over the weekend that some of the ways in which spanish banks borrow at cheap rates may not have been legal. the ecb says it's exploring the issue. one of the companies weighing on the foot city, hsbc which has said it is provisioning $1.5 billion against the laundering charges. group profit slightly disappointed investors. shares down 1.4% as a result the there. but that's really it in terms of the major corporate news. ubs going through a bit of a shake up. the bond wall expresses more of the mood we're seeing on the eve of the u.s. elections here. it's a rotation out of the periphery into the core. the gilts are benefiting. spain, italy seeing yields a little hig
's number two. third one of course is u.s. election. this is where some of the problems is. have you noticed german bonds today moving on the upside rather aggressively. u.s. bonds moving on the upside. that's all this stalemate concerns out here. that's all i heard this morning. that's all i heard over the weekend. the likely outcome is a stalemate no matter who wins on the fiscal cliff. obama will have to compromise. romney will have to compromise. what's the best hope for the industry and business right now? best hope is a last-minute deal to postpone tax cuts for yet another year, which could in fact go into the first quarter of negotiations. some of the people are more optimistic it will happen before that. some are not. that's why we get bonds moving to the upside right now. jim, i noticed that you mentioned the deal this morning with kbw. it's a symptom of what's going on in the friday overall. this was the big topic of the day. those who didn't hear, they are buying kbw for no premium. we're talking 6% premium. the stock was 16. offering 17 and change. that's no premium out there. th
. this isn't issue number one for the u.s. economic recovery has been unsatisfying. that's one area where wall street is hoping that's the way it would go under a romney president and probably will go that way. >> what about taxes? let's go through the two plans on taxes. this is one of the more important yishdz for wall street, whether it's capital gains taxes, dividend taxes, ordinary income. let's define each side here. todd? >> well, look, romney's been very -- he wants a tax-friendly environment, maria. he's been vocal about that. i mean, that's just the culture of the gop. but then these guys are the odd couple. you have president obama who clearly is talking about higher taxes for the upper class and also thinking, have you to look at those other taxes, health care taxes, for example, that will impact the middle class. you have a romney presidency, you can only assume we have will have a cut in taxes but we need to resolve this fiscal cliff issue. it's not just resolving the fiscal cliff, it's also a long-term plan up. don't want to have to go through this every 12 months, talk abo
, it really wasn't. as a i talk, you can look at ten-year for every major developed economy. the u.s., the germans, the french, the u.k., the japanese. month to date, the patterns are almost all die dent call. with all these variables, elections, mideast, fiscal cliff, it seems as though there's only so much flight to safety bid you can push into the marketplace. some traders say that's why you didn't notice. in the old days, it would make a difference. yields are already most accommodative from a nervousness standpoint. i will tell you it was the number one conversation. and even though it really isn't about oil, that's the market everybody is trading to of course kind of play the headlines. >> michael, how about you? how does this impact the way you're allocating capital? >> well, as you know, our strategy is about 45% in cash while the prefunctory -- what we'll have left to boost us higher. i think the market does go higher. here's why. you have $85 billion each month from the federal reserve as far as balance sheet expansion. you have negative real interest rates that will be get
. >>> clicks and profits, u.s. consumers are expected to spend at least $1.5 billion on this cyber monday. we'll run through the cyber winners and losers next. >>> here's another number. $5 billion, that's how much americans are expected to spend on christmas gifts for their pets this year. we'll talk to petsmart ceo in a cnbc exclusive about his company's share of this huge holiday booty coming up. >>> plus, flu shot or your job? 150 employees getting canned the day before thanksgiving for refusing to get flu shots. is that legal? stay with us. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. the potential of yelp unlocked. nyse euronext. unlocking the world's poten
not only surprises the street with a beat but says the u.s. enterprise business is showing signs of improvement. >>> and abercrombie silences the shorts. >> the president is scheduled to meet with a dozen ceos this afternoon to hear their concerns about looming tax increases and spending cuts. 73% of participants in a "wall street journal" ceo council conference said the fiscal cliff is their primary concern. goldman chairman and ceo lloyd blankfein talking about the importance of avoiding the fiscal cliff. he writes there's more than a trillion dollars of cash that is sitting on the balance sheets of u.s. nonfinancial companies with certainty about tax rates, companies will increase their capital expenditures currently at anemic levels contributing to a virtuous cycle of jobs and growth." if there was a disagreement as to whether this is becoming a mainstream story. story of "usa today," a giant cliff and inside a chart of how it will affect people. this is getting real. >> the editor of "usa today" is the single best print journalist going today. he understands what the pulse i
signs of recovery in if the housing market. jim, 4.2 on global comps. 4.3 in the u.s. frank referring to what he calls a healing in the u.s. housing market. >> he's remarkable. he's correctly been negative when it was right to be negative. he's now positive. i was most concerned that this company would have a big dip right here because there's a lot of companies that are reporting that the last few weeks have been bad because of sappndy. didn't skip a beat. stock was down after a series of headlines that misinterpreted the charge. this one could be off to the races. >> what's interesting about home depot, they didn't outline sandy impact because it would be the pull forward in terms of sales in preparation for the hurricane but the books did close prior to sandy so full impact of sandy won't be felt. color expected on the conference call but that could be a key driver going into the last quarter of the year. metrics on the quarter were good. best ticket growth in four years in terms of ticket size. average ticket 54.50. up 2.9% year on year. even below the surface the numbers were rea
forces claiming to have targeted 100 gaza sites. the u.s. secretary of state hillary clinton is on her way to the middle east for talks with officials in a bid to try to end the deadly crisis. we've been watching oil prices, as well. and after sharp gains yesterday, you can see oil prices pulling back about 27 cents, still just about $89 for wti crude. we will have a live report from our nbc colleagues on the ground in the middle east coming up in the next half hour. >>> let's talk about some of the main market events of the morning. actually today fed chairman ben bernanke's speech at the economics sclub of new york is coming up at 12:15 eastern time. traders will be listening no any comments on the central bank's operation twist program and discussions about changing how the fed communicates about interest rates. operation twist expires next month. and there is some speculation the fed will continue making asset purchases by expanding the size of its $40 billion a month quantitate of it easing program. also on the economic agenda today, october housing starts released at 8:30 a.m. an
to go follow the united states while it lobbies for a reconsideration of the u.s. stance. the delay could push back the start of basel iii by about six months. the law was mepts ant to be pha in by the start of 2013. >> archstone was not part of the zell asset, was it? >> i feel like zell was related to it. >> but he sold right at the top. so that was part of the problem. it wasn't just a total lack of due diligence. i mean, everything was valued hire when archstone was first sold, right? >> yes. but as i'm looking at this, no, sam zell i do not believe was involved. >> that was the equity office and -- >> and then blab stone. but blackstone even though they bought at the top figured out a way to then sell pieces of it very, very quickly. and they did very well. >> entrade is no longer accepting u.s. customers citing legal and regulatory pressures. that announcement coming hours after the u.s. commodities regulators sued the exchange's owner alleging that it allowed unauthorized trading by u.s. customers, u.s. customers must close their accounts and withdrawal all funds by the end o
is not struck by the end. year, the u.s. economy would head back into recession, contract by half a percent in 2013. president is scheduled to make remarks on the cliff at 1 p.m. time. speaker boehner will address us. can the president say anything to make this whole week look like a dream? >> that's a tough one. what our lalt friend mark haines used to talk about, we need a capitulation, we need the answer, no, are you kidding? there was a congressman on "squawk" this morning say, yes, don't worry about it. when i hear that i say, no, it's not going to happen. we have to have them worry, as worried as we are. i still see this kind of grover norquist run republican party which would rather not have a tax increase and take the tit titanic down in the name of the country. >> viewers will say, wasn't wednesday a woosh? what qualifies a woosh at this point? in terms of the signs we've seen, isn't that qualified as a woosh. >> you open down and rally between 12 and 1. you get the 10 to 1 ratio. i'm just quoting mark haines. if you saw 20 to 1, you would say, you need to buy it. i need to see hai
five years despite getting to the size where it will be around a top ten retailer in the u.s. this year. it's a huge company growing at a fast pace. as you heard the stories of tablets gaining market share and smartphones becoming a way to shop, we're in the early innings of internet taking share from brick and mortar. >> i know you're not stock pickers, per se, but who do you see out there that's doing a good job of handling cyber retail these days? >> i don't think there's any question amazon has the winner. it almost doesn't even matter. you asked about profitability and margins. it's almost irrelevant whether they'll have higher margins or not this year because what they're looking for is market share. they're looking for that wallet share. they want to make sure the consumer is spending money with amazon and not with anybody else. and they have other ways to make money, the marketplace. >> at some point they have to worry about that. but i get your point. who's a winner and loser when it comes to doing cyber sales well? >> i don't see any losers. i think most of the retailers are w
. they were some of the best actors out there. good news for europe, still good news for the international u.s. banks. they went up, too. jp morgan, goldman sachs. retail. we got terrific news on friday. initial returns from that black thursday which used to be black friday, tremendous. we found out that walmart was forecasting the biggest pre-holiday buying ever, with $1 billion a day in sales. they ought to know, they weren't alone. finally there's washington. we headed into the weekend with lots of talk. lots of talk about good feelings. good feelings over possible deal to avert the fiscal cliff. republicans seem to be breaking ranks with the hardliners. talk about maybe raising revenues if the democrats will be willing to do meaningful entitlement reform. that positive tone, the rising above, helped move up the futures right into the bell. who wanted to be short ahead of a weekend deal? what a difference a day makes. this morning we come in, what are they chattering about? greece. greece. can you believe greece? it's standing in the way of a european deal again. this small country with no
the costliest u.s. catastrophes. forecasting a cost between $10 billion and $20 billion worth of insured losses. the final tally impacted by, among other things, power in the transportation grids. as for the insurance industry with over $500 billion in capital it can pay expected claims. at last year's premium increases and a decline in catastrophe claims bulked up their profile. deutsche bank claims it could trim earnings by 36% but it could also help insurers later giving them cover to raise premiums. back to you. >>> sandynjrelief fund.org. mary pat christie is on the news line with us right now. welcome. good to have you with us. >> thanks, tyler. >> at some risk, i ask how are you and the christie family holding up? your husband and you have both then tireless this last week. gout to be pretty tired these days? >> we're doing pretty well. it's all relative, right, tyler? we don't have power yet but hopeful that we will soon. i'm also hopeful that our children get to go back to school tomorrow. >> we're in the same boat and expected to go back to school in my town montclair some time on wed
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